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Price Signal Summary - EURUSD Pullback Considered Corrective

OUTLOOK
  • In FX, the current bullish condition in EURUSD remains intact and this week’s pullback is considered corrective. Last week’s rally resulted in a break of key short-term resistance at 1.0694, the Oct 24 high. This strengthens a bullish case and signals scope for a stronger short-term correction. Attention is on 1.0764, 38.2% of the Jul 18 - Oct 3 bear leg. Firm support is at 1.0517, the Nov 1 low, a break would be bearish. Initial support is 1.0657, the 50-day EMA.
  • Recent gains in GBPUSD resulted in a break of resistance at 1.2289, the Oct 24 high as well as key resistance at 1.2337, the Oct 11 high. These gains strengthen the bullish case and signal scope for a stronger short-term bull cycle. Sights are on the 200-dma at 1.2435 and 1.2459, 38.2% of the Jul 13 - Oct 4 bear leg. On the downside, support to watch lies at 1.2225, the 20-day EMA. This week’s pullback appears to be a correction.
  • The trend needle in USDJPY continues to point north. Support at the 50-day EMA - at 148.54 - remains intact and a break of this average is required to signal a short-term top. Last week’s gains resulted in a breach of 150.78, the Oct 26 high. This confirmed a resumption of the uptrend and has opened 152.20, the 3.00 projection of the Jul 14 - 21 - 28 price swing. Moving average studies are in a bull-mode position, reflecting the market's positive sentiment.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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